EUR/USD
Bears remain firmly in play after the pair broke below 1.3300/1.3280, strong support zone, accelerating losses below channel support at 1.3250. Break below 1.3200, weekly Head and Shoulders neckline has so far reached 1.3160 low, just ahead of strong support at 1.3145, 04 Oct low. Corrective / consolidative phase is under way, as near-term studies are overstretched, however, upside is seen limited at 1.3280/1.3300 zone, also 20 day SMA on 4H chart, as negative sentiment continues to dominate. On the downside, loss of critical support at 1.3145 would open fresh bear-phase and expose 1.3000 zone next.
Res: 1.3250, 1.3280, 1.3290, 1.3300
Sup: 1.3182, 1.3160, 1.3145, 1.3100
GBP/USD
Returns back to two-week range after yesterday’s brief break below 1.5560 range floor, found support at 1.5536. Regain of 1.5600 handle sees potential for further extension and possible test of next barrier at 1.5660 zone, as hourly conditions are improving. However, broader picture’s bearish tone remains in play as long as 1.5750/70, daily 55 day SMA and range ceiling caps the upside. Immediate supports at 1.5570, day’s low and 1.5560, Fib 61.8% of 1.5422/1.5770 ascend need to hold, otherwise, fresh weakness towards 1.5536/25 and 1.5500, would be the likely near-term scenario, with key short-term support at 1.5422 to come in focus on a break below 1.5500 figure support.
Res: 1.5623, 1.5656, 1.5664, 1.5700
Sup: 1.5597, 1.5571, 1.5560, 1.5536
USD/JPY
The pair consolidates the recent gains from 77.50 support that broke through trendline resistance and briefly tested 78.00 barrier. Holding above 77.80, range floor and broken bear-trendline off 78.27 high, would keep near-term focus higher, with clearance of 78.00 required to open next static resistances at 78.27/44. Near-term studies are still supportive, with 20 day SMA, currently at 77.70, underpinning the action. Loss of 77.80/70, however, would sour the near-term tone and re-expose initial support at 77.50.
Res: 78.00, 78.10, 78.27, 78.44
Sup: 77.80, 77.70, 77.57, 77.48
USD/CHF
Yesterday’s strong rally that cleared key obstacles at 0.9300 and 0.9313/27, ended short-term corrective phase from 0.9328, 25 Nov previous high and opened fresh leg higher, extending the broader uptrend from 0.7067, 09 Aug record low. The pair so far tested levels just under 0.9400 barrier, with shallow correction contained by 20 day SMA at 0.9350, for now. Studies on 4H chart are positive, but oversold conditions see risk of deeper correction, before fresh rally. Firm break above 0.9400 to open way for test of psychological barrier at 0.9500. On the downside, potential loss of 0.9350 support would test previous resistance at 0.9328, however, dips need to hold above 0.9300 mark, also Fib 38.2% of 0.9180/0.9386 ascend, to keep immediate bulls intact.
Res: 0.9386, 0.9400, 0.9450, 0.9500
Sup: 0.9360, 0.9350, 0.9328, 0.9300

EUR/USD
Remains under pressure after failing to sustain gains above 1.3738, 61.8% retracement of 1.4280/1.2872 decline, with last Friday’s closure below 1.37 level, anticipating stronger correction. Immediate support at 1.3573 has been tested so far, as the pair posted fresh one-week low at 1.3569. Strong support lies at 1.3539, loss of which would expose 1.34 zone, above where bulls are expected to reassert. Regain of 1.3757 is needed to expose 1.3784, 22 Oct 2010 high and 1.3838, 76.4% retracement of 1.4280/1.2872. Only loss of key short-term support at 1.3245 would signal possible end of recovery phase from 1.2872.
Res: 1.3635, 1.3677, 1.3710, 1.3745
Sup: 1.3591, 1.3569, 1.3539, 1.3503
GBP/USD
Extends the short-term downtrend off 1.6058, 18 Jan peak, after sharp fall to 1.5750 and subsequent recovery failure to clear trendline resistance at 1.5989. Near-term tone is skewed to the downside, with 1.5821, triangle support being tested so far. Break here to suggest fresh weakness and test of 1.5785, 61.8% of 1.5343/1.6058 ascend and 1.5750, key short-term higher low, loss of which would signal further weakness and open 1.5660/17 zone for retest.
Res: 1.5911, 1.5965, 1.5989, 1.6016
Sup: 1.5821, 1.5768, 1.5750, 1.5717
USD/JPY
Continues to trade in negative short-term tone following recovery failure at 83.67 and the recent upside rejection at 83.20. Today’s break below 83.05, trendline support is now attempting at key short-term support at 81.84, loss of which would signal an end of recovery phase from 80.92 and extension of the downtrend from 84.49, to test 80.92, possibly multi-year low at 80.24 on a break. Only regain of 83.00/20 zone would improve the near-term outlook.
Res: 82.21, 82.46, 82.70, 82.92
Sup: 81.91, 81.84, 81.67, 80.92
USD/CHF
Maintains negative tone after the latest recovery attempt from 0.9301, historical low failed at 0.9782, with subsequent weakness clearing the last support at 0.9413, 76.4% retracement of 0.9301/0.9782 ascend, and opening way for attack at key 0.9301 support. Loss of the latter would signal and extension of the broad downtrend and fresh phase lower to expose psychological levels at 0.9200/0.9100. Only regain of 0.9620/80 would put immediate bears on hold and keep hopes of fresh recovery.
Res: 0.9468, 0.9480, 0.9493, 0.9520
Sup: 0.9399, 0.9388, 0.9365, 0.9301

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